In the current credit crunch, getting a car loan with less than perfect credit can be tough. And, if you are able to get a loan with bad credit, you will likely pay an extremely high interest rate. A high interest rate can cost you thousands extra over the coarse of a loan repayment. Here are a few tips on how to get the best rate possible on a car loan.
1. Get a credit report. You may think your credit is worse than it is. Buy a credit report and find out just what your credit status is. Also, you may find errors that you can correct or even old credit accounts that you can close to improve your score. Every bit helps.
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2. Try dealing with banks that specialize in bad credit loans. Regular banks are likely to deny you or give you a very high rate even if your credit is only slightly less than perfect. Smaller banks that specialize in higher risk need the business more and will investigate your credit to a greater extent making it more likely that you get a better loan. These banks are likely to approve a loan even with a bankruptcy in your past if you have a job and a stable residence.
3. Shop for your loan. You should apply for a loan from more than one lender. There are many lenders you can apply to over the Internet, so it is relatively easy to apply for a loan with several banks quickly. After you fill out the forms one time, just write everything down, as the applications from other lenders will ask you nearly the exact same questions.
4. Know the real cost of the credit. Some banks will quote a low interest rate coupled with excessive fees. Somewhere in the fine print it should tell you the cost of the financing as an annual rate. Compare this number with the other quotes.
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